Australia’s energy storage investments hit over AU$1 billion for four quarters.

By Oliver Townsend Jun 10, 2024
Australia sees more than AU$1 billion in energy storage investments for four successive quarters, says Clean Energy Council.pngOrginal image from:

Australia has been making significant investments in energy storage, with the Clean Energy Council reporting billions of dollars being poured into the sector. According to the council, the first quarter of 2024 alone saw over AU$1 billion in energy storage investments, marking the fourth consecutive quarter of such high commitments. This level of investment reflects a growing confidence in the renewable energy sector in Australia and signals a positive trajectory for the country’s clean energy transformation.

Renewable Energy Generation Bounces Back

Despite challenges faced in 2023, the Renewable Projects Quarterly Report for Q1 2024 by the Clean Energy Council revealed a promising rebound in the renewable energy generation sector. The report noted that five projects totaling 895MW of capacity reached financial commitment in the first quarter, representing a significant milestone since the end of 2022.

Landmark Commitments and Recovery

Kane Thornton, the chief executive of the Clean Energy Council, expressed optimism about the recovery of the Australian renewable market. Thornton highlighted the importance of landmark commitments made by the Federal government to provide certainty for renewable energy investors, paving the way for a resurgence in large-scale generation projects necessary to meet decarbonisation targets by 2030.

Strong Momentum in Energy Storage

Energy storage projects continued to attract substantial investments, with four storage projects receiving financial commitments in Q1 2024. The largest of these projects, the Mortlake Power Station Battery in Victoria, is set to be developed by Origin Energy and represents a significant step towards enhancing energy storage capacity in Australia.

Key Energy Storage Projects

Expansion and Construction

In addition to the financial commitments, two energy storage projects commenced construction in the first quarter of 2024. These projects, including the Collie Battery Energy Storage System in Western Australia and the Swanbank Battery in Queensland, are expected to contribute significantly to the energy storage infrastructure in the respective regions.

Investor Confidence and Future Prospects

Kane Thornton emphasized the importance of continued investment in large-scale storage projects, noting the strong investor appetite for new energy storage initiatives. With a clear trajectory towards renewables supported by storage, Australia is poised for a sustainable and resilient energy system that aligns with global decarbonisation efforts.

Overall, the significant investments in energy storage and renewable energy generation underscore Australia’s commitment to a cleaner and more sustainable energy future. The momentum in the sector, coupled with governmental support and investor confidence, bodes well for the country’s transition towards a greener energy landscape.

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